A Virginia company will take over management of the Salishan Spa and Golf Resort in Gleneden Beach after a recovery from the down days of the recession turned out to be too tepid for the resort's owners and lenders.

Spring Capital Group, which bought the resort in 2003, had also managed it in-house. But it announced this month it would hand over management to Crescent Hotels & Resorts, a Virginia-based company with 90 hotels and resorts in its portfolio.

Anne Marie Levis, a spokeswoman for the owners, said an agreement with their lenders specified that a management team would be brought on if the resort's financial performance didn't turn around.

"Four years ago we agreed upon this restructured plan to bring the property back to the operating level it enjoyed prior to the recession," said David Connor, a member of the ownership group, in a statement. "Despite these efforts, the property has not recovered to a point that is satisfactory either to us or the lenders."

The owners said the resort would continue to operate as usual, and that there would be no noticeable change for staff or guests.

The Salishan resort was built by prominent Portland developer John Gray in 1965. He sold the resort in 1996 to a multinational resort developer, which sold it to the current owners in 2003.